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Harleysville Savings Financial Corporation Announces Increased Earnings for the Fiscal Year Ended September 30, 2010 and the De

^{Published on 2010-10-20 08:45:45 - Market Wire}
 

HARLEYSVILLE, Pa.--([ BUSINESS WIRE ])--Harleysville Savings Financial Corporation (NASDAQ:HARL) reported today that the Companya™s Board of Directors declared a regular quarterly cash dividend of $.19 per share on the Companya™s common stock. The cash dividend will be payable on November 24, 2010 to stockholders of record on November 10, 2010.

Net income for the fourth quarter of fiscal year 2010 amounted to $1,320,000 or $.35 per diluted share compared to $1,282,000 or $.35 per diluted share for the fourth quarter of fiscal year 2009.

Net income for the twelve months ended September 30, 2010 amounted to $5,008,000 or $1.36 per diluted share compared to $4,716,000 or $1.31 per diluted share for the twelve months ended September 30, 2009.

Commenting on the year-end operating results, President and Chief Executive Officer Ron Geib said, aDespite the current economic conditions our country is continuing to encounter, we are very pleased with the growth we have experienced this past year - in loans, deposits, and that we are able to maintain our cash dividend. We believe the current level of our allowance for credit losses is adequate and we continue to maintain a strong capital position in excess of the well-capitalized regulatory guidelines. I am very proud of the work ethic of our team members and the manner in which they serve our customers. All these conditions combined create a strong community bank that is well positioned to continue to create value for our stakeholders. We are also pleased to report record earnings for the fiscal year ended 2010 of $5,008,000. These results reflect our discipline to our fundamental operating principles of maintaining prudent underwriting standards, investing in high credit quality assets, controlling our operating expenses, and practicing sound capital management.a

The Companya™s assets totaled $857.1 million compared to $830.0 million a year ago. Stockholdersa™ book value increased to $14.47 per share from $13.82 a year ago.

Harleysville Savings Financial Corporation is the holding company for Harleysville Savings Bank. Established in 1915, Harleysville Savings Bank is a Pennsylvania chartered and federally insured savings bank, headquartered in Harleysville, PA. Harleysville is located in Montgomery County, which has the third largest population base and the second highest per capita income in the state of Pennsylvania.

This presentation may contain forward-looking statements (within the meaning of the Private Securities Litigation Reform Act of 1995). Actual results may differ materially from the results discussed in these forward-looking statements. Factors that might cause such a difference include, but are not limited to, general economic conditions, changes in interest rates, deposit flows, loan demand, real estate values and competition; changes in accounting principles, policies, or guidelines; changes in legislation or regulation; and other economic; competitive, governmental, regulatory, and technological factors affecting the Company's operations, pricing, products and services.